- Kalki at grand finale of Max FashionStunning Miss Sri LankaPICS: Elephant grumble tells his ageMovie Review: QueenKat in Sri Lanka to be with RanbirPICS: Meet Subhash Ghai’s new girl MishtiPriyanka Chopra as Mary KomWomen's Day wallpapersCelebs who misuse Twitter for attentionLimca Book of Records honours 25 women
India's top badminton star Saina Nehwal laboured past American Beiwen Zhang in testing thr
Landlord's PAN must for tax benefit if rent exceeds Rs 1 lakh Last Updated : 18 Dec 2013 03:33:41 PM IST Quoting PAN number of landlord is must if the annual house rent exceeds Rs 1 lakh (File Photo)
Quoting landlord's PAN is mandatory if you pay more than Rs 1 lakh annually towards house rent.
If the PAN is not furnished then it would not be possible to claim tax benefit under House Rent Allowance.
"...an employee claiming exemption from tax with respect to House Rent Allowance received is now required to report the PAN of the landlord to the employer, if the rent paid by the employee to the landlord exceeds Rs 1 lakh per annum, along with the rent receipt," said Minister of Sate for Finance J D Seelam in a written statement in the Rajya Sabha on Tuesday, Dec 17.
He quoted a circular by the Central Board of Direct Taxes (CBDT) on the matter of deduction of tax at source during the payment of salaries.
"In case the landlord does not have a PAN, a declaration to this effect from the landlord along with the name and address of the landlord should be filed by the employees," he added.
In a separate response, Seelam said the number of tax assesses have increased manifold. In the past 15 years, the number of effective IT assesses has increased by more than three times from 1.16 crore as on March 1997 to 3.63 crore at the end of March 2012.
He also said 42,800 persons other than companies admitted to a taxable income exceeding Rs 1 crore.
"The Cabinet has approved the cadre restructuring of the Income Tax Department in May 2013. The implementation of the same is under progress," he said.
Additional 1,080 assessment units to be manned by around 20,000 more personnel have been created to meet the increasing number of IT assesses, he said.
Post Your Comment (0 posted):
Bollywood actress Kalki Koechlin at the grand finale of Max Fashion Icon 2014, in New Delh
- In PICS: Sussanne Khan’s dinner with mystery man
- Funny english version of Chaar Bottle Vodka lyrics
- Watch: Hot Alia and Arjun Kapoor in song ‘OFFO’
- Movie Review: Queen
- Video: Sunny Leone's photoshoot for Ragini MMS2
- Priyanka Chopra turns politician!
- Love in the air: Kat in Lanka to spend time with Ranbir
- PICS: Meet Subhash Gahi’s new girl Mishti
It was a battle of survival when two reptiles locked in a deadliest clash. A python fought
Nokia's android-based 'Nokia X' will be available in India from March 15 and has been pric